CHAPTER 496
An Act to amend and reenact § 1 of Chapter 200 of the Acts of Assembly of 2010, relating to City of Richmond tax amnesty program.
Approved April 4, 2012
Be it enacted by the General Assembly of Virginia:
1. That § 1 of Chapter 200 of the Acts of Assembly of 2010 is amended and reenacted as follows:
§ 1. City of Richmond tax amnesty program established.
A. There is hereby established the City of Richmond tax
amnesty program. The program shall be administered by the director of finance,
and any person, individual, corporation, estate, trust, or partnership required
to file a personal property or machinery and tools local tax
return or to pay any local personal property tax, machinery and tools tax or
real property tax shall be eligible to participate, subject to the
requirements set forth below and guidelines established by the director of
finance. The director of finance may require participants in the program to
complete an amnesty application and such other forms as he may prescribe, and
to furnish any additional information he deems necessary to make a
determination regarding the validity of such amnesty application.
B. The tax amnesty program may have the following features:
1. Civil penalties assessed or assessable and
interest, either or both, as provided for in Title 58.1, which are the
result of nonpayment, underpayment, nonreporting or underreporting of personal
property, machinery and tools, or real property one or more types of
local tax liabilities, may be waived upon receipt of the payment of the
amount of those taxes and interest, if interest is not waived, owed with
the following exceptions:
a. No person, individual, corporation, estate, trust, or partnership currently, or at the inception of this program, under investigation or prosecution for filing a fraudulent return or failing to file a return with the intent to evade tax shall qualify to participate.
b. Any other parameters as deemed reasonable and fiscally responsible by the Mayor and the City Council.
C. For purposes of computing the outstanding balance due to
the nonpayment, underpayment, nonreporting or underreporting of any personal
property, machinery and tools, or real property local tax liability
which has not been assessed prior to the first day of the program, the rate of
interest specified for omitted taxes and assessments under § 58.1-3916 shall be
applicable unless interest is waived pursuant to subsection B.